ADEMU at The State of the Union 2018, 10-12 May, Florence

ADEMU’s final conference is being held in conjunction with The State of the Union, an annual event for high-level reflection on the European Union which will be held from 10 to 12 May in Florence.

Now in its 8th year, The State of the Union has become a reference point for European policy-makers, civil society representatives, business and opinion leaders and academics. The 2018 edition will have a special emphasis on solidarity in Europe, an overarching theme closely aligned with Ademu’s research and relevant to European economic, monetary and fiscal policies, social investment, strategies of EU defence and security, migration, climate change and energy programmes.

ADEMU will join State of the Union on Thursday 10 and Friday 11 May for three presentations:

Thursday 10 May, 10-11.30, Badia Fiesolana

Reassessing the Fiscal and Monetary Framework of EMU in 2018
In 2012, in the middle of the euro crisis, the Four Presidents’ Report outlined a roadmap for the development of the EMU. Since then, Europe has changed. The leading role of the European Central Bank, the creation of the European Stability Mechanism, the development of the European Banking Union, and the 2015 Five Presidents’ Report calling for a further development of the Financial Union and the Fiscal Union, can all be seen as signs of Europe’s capacity to follow a roadmap and grow out of its crises. Yet, the scars of the euro crisis in ‘peripheral countries’, the migration crisis and Brexit have called this roadmap into question, as the European Commission reflected in its 2017 White Paper on the future of Europe. In this session, members of the Steering and Advisory Committees of the three-year, eight-partner Horizon 2020 ADEMU Project will present their findings on the sustainability of the EMU, resilience to economic shocks and the interdependence of the euro area.

Chair: Claire Kilpatrick, Professor of International European and Social Law, EUI
Thomas Beukers, Senior Legal Advisor, Ministry of Foreign Affairs, The Netherlands
Thomas Cooley, Paganelli-Bull Professor of Economics, NYU Stern and Professor of Economics, NYU
Giancarlo Corsetti, Professor of Macroeconomics, University of Cambridge
Ramon Marimon, Professor of Economics and Pierre Werner Chair, EUI

Friday 11 May, 15.15 – 15.45, Palazzo Vecchio

Introduction by Ramon Marimon, Professor, Economics Department and Pierre Werner Chair, EUI

Address by Mario Draghi, President, European Central Bank

Friday 11 May, 15.15 – 15.45, Palazzo Vecchio

It’s Time to Get the House in Order! How to Strengthen the Current EMU?
In the aftermath of the euro crisis there has been a call for strengthening the capacity of  economic and Monetary Union (EMU) to share risks, prevent and resolve crises, reduce the burden of debts, and strengthen its fiscal dimension. In December 2017, the European Commission proposed transforming the European Stability Mechanism (ESM) into a European Monetary Fund, as well as creating a European Minister of Economy and Finance. At a moment of resurging support for the European Union, when the economic and political conditions for reforming EMU also appear favourable, which reforms should have priority? How, if at all, should ESM be transformed or an EMU fiscal authority created? What is necessary and what can be discarded in the house of EMU?

Moderator: Martin Sandbu, Economics Commentator, Financial Times

Marco Buti, Director-General for Economic and Financial Affairs, European Commission
Lars Peter Feld, Director, Walter Eucken Institut, Professor of Economic Policy, University of Freiburg
Jean Pisani-Ferry, Tommaso Padoa-Schioppa Chair, EUI
Lucrezia Reichlin, Professor of Economics, London Business School
Rolf Strauch, Chief Economist, European Stability Mechanism
Poul Thomsen, Director, European Department, International Monetary Fund

You can see the full State of the Union programme here.

If you have not already received a personal invitation to The State of the Union 2018 and wish to attend the joint sessions you must register separately with State of the Union by emailing The State of the Union sessions are very popular and space is limited, so not all requests can be accommodated.